Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,098/mo
Lowest payment- Down payment
- $127,526
- Funds due
- $139,255
- Interest + MI left
- $132,742
- First ends
- Mar 2051
Assumption
Assumption + second
$2,806/mo
+$708/mo- Down payment
- $39,526
- Funds due
- $52,635
- Interest + MI left
- $299,647
- First ends
- Mar 2051
New loan
New conventional
$3,108/mo
+$1,011/mo- Down payment
- $39,526
- Funds due
- $49,362
- Interest + MI left
- $519,762
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,474 | $267,474 | $355,474 |
| Second mortgage | — | $88,000 | — |
| First P&I | $1,249.60 | $1,249.60 | $2,408.10 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $219.08 | $219.08 | $71.09 |
| Taxes, insurance & HOA | $629.00 | $629.00 | $629.00 |
| Total housing payment | $2,097.68 | $2,805.75 | $3,108.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,526
Closing costs & prepaids$13,110
Usable credit−$0
Total buyer cash needed$52,635
Earnest money paid−$0
Remaining funds due$52,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$474.00
Initial HOA (3 months)$963.00
Prepaid interest, first (6 days)$117.40
Prepaid interest, second (6 days)$130.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 3 moOf the original 30-year loan at 2.67%
Interest already paid$44,403Through Dec 2026
Assumption only · ends Mar 2051$132,742
Assumption + second · ends Mar 2051, second Jan 2057$299,647
New conventional · ends Jan 2057$519,762